Bank of Canada reform "will continue" after departure for England: Carney

Bank of Canada governor Mark Carney, credited with leading Canada through the 2008 financial crisis, says that Canada's financial reform will continue after he leaves ...

Bank of Canada governor Mark Carney, credited with leading Canada through the 2008 financial crisis, says that Canada's financial reform will continue after he leaves the country for his new job as governor of the Bank of England.

Critics of Carney's departure have voiced concern that the upcoming Bank of Canada leadership change comes as Canada shifts to slower growth and grapples with a correction in its housing market.

Carney said the Bank of Canada has been "helping to lead the reform of the global financial system."

He said his departure won't change that.

"Canadians can be confident that such leadership will continue," he said. "The depth and quality of its human resources, the dedication of its employees and the clarity of its strategic vision will ensure that the bank will continue to promote economic and financial welfare of all Canadians."

Carney will leave his current position on June 1, 2013, and start his new position a month later.

Carney, whose appointment was confirmed by the Queen, has said that he's honoured to have been selected for the "demanding" role in England.

"This," he said, "is a critical time for the British, European and global economies; a decisive period for reform of the global financial system including its leading financial centre, the City of London; and a crucial point in the Bank of England's history as it accepts vital new responsibilities."

jwagler@biv.com

@JennyWagler_BIV

comments powered by Disqus

More from Economy

B.C. credit unions are first choice for small and medium-sized businesses: report

Countrywide, rival big banks gaining on RBC's No. 1 spot, CFIB says

Read Article

Regulations, resource markets squeeze B.C. firms

Smaller investment companies hurt most by red tape, industry association says

Read Article

North’s economic boom goes south

Fort Nelson among hardest hit by slowdown in natural gas sector

Read Article

The business case for the Trans Mountain pipeline

Roundtable hears economic arguments in the contentious debate over pipeline twinning project

Read Article

Foreign control of Canadian assets hit 10-year low in 2014

U.S. held nearly half of the 18.1% of assets under foreign control

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×